Feels like this time it's not a reverse 1011, but more like a reverse early-February-style drop-turned-pump (just missing a public big short trigger on the surface). It's not just about the contract shorts; there might also be an issue with market makers selling CALLs. Some market makers are about to get sacrificed—they sold too many CALLs. You could even go full conspiracy theory here: as mentioned before, MicroStrategy selling coins could be the bait to attract shorts, bringing in a ton of short liquidity, and then the main players catch it and reverse liquidate the shorts.